Financial Technology

Financial Technology

May 03, 2010

Clear Books Announces Financing Deal to Improve SaaS Online Accounting Software

Clear Books, a U.K.-based privately held online accounting application, has landed a financing deal from key strategic investors for an undisclosed sum.

The company states that it is a major player in the growing SaaS (News - Alert) online accounting software market in the United Kingdom.

Clear Books calls its online accounting system, a step up from pen and paper, files and spreadsheets. It will help organize the client’s business. Users of Clear Books range from part time sole traders to multi-million pound companies, the company states.

For traditional desktop accounting software products provided by The Sage Group PLC and Intuit (News - Alert) INC, Clear Books provides an online alternative. It also provides a more U.K.-focused service than online international competitors Xero Limited, states the company. With this deal, Clear Books can increase its development resources and accelerate growth plans in the UK, the company stated.

Managing Director of Clear Books, Tim Fouracre, said, “Our cash flows continue to reflect impressive growth month on month, but this additional financing will help us accelerate. One of our key objectives is to add depth to our development team to ensure we continue to develop the very best application. Our aim is to make both maintaining company accounts and doing the bookkeeping as easy as possible.”

With its online VAT filing direct to HMRC and its new payroll module, Clear Books has announced that the company is making considerable progress. Clear Books users are able to spend more of their time building their businesses, reducing costs, and saving tax, the company states. Clear Books is a rapidly growing company with customer numbers increasing more than 20 percent per month.

Recently, the company launched a new viral website entitled Accounting Is Boring. According to the company, spawned out of recognition for the large feeling of discontent there is on twitter towards accounting. Accounting Is Boring has already found a fan in tweeter and apprentice winner Michelle Dewberry, who tweeted her approval of the viral campaign.

Raju Shanbhag is a contributing editor for TMCnet. To read more of Raju’s articles, please visit his columnist page.

Edited by Marisa Torrieri

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